The 34-year-old veteran will be bidding his farewells to the Santiago Bernebeu fans after 25 years of meritorious service.
During that time, he won 3 European Cups, 1 Fifa Club World Cup, 2 Intercontinental Cups, 2 European Supercups, 5 Spanish League titles, 2 Copas del Rey and 4 Spanish Supercups.
He won the Golden Glove at the 2010 Fifa World Cup, as a golden generation of the Spanish national team won their first world title in South Africa. He also claimed two European Championships with La Roja.
The club said in a statement: “Thank you Iker, for everything you have done. Thank you for being a symbol of the best in our history. You are going but we will never forget that you’ll always belong to the heart of Real Madrid.”